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Will Bitcoins be the Most Popular Currency by 2020?

By January 2, 2017 No Comments

Predictions have surrounded crypto-currency right from its inception. All types of crypto-currency,
especially Bitcoin has been under scrutiny by many financial predictors around the world. Bitcoin
continues to gain market share and more importantly, bitcoin is becoming increasingly popular around
the world. This is great news, as the world is getting interconnected digitally, an evolved form of
currency to suit the digital age should in fact be commonly used.
United Kingdom being the incubator for numerous financial experiments,A recent study conducted in
the country by “Beyond Digital” revealed that one-fifth of major companies in the UK would start
accepting and using bitcoins by 2020. Even though it is a staggering magnitude, will bitcoin really be the
most popular currency by 2020?
Another research conducted by “The Bitcoin Magazine” is April 2016 revealed that most employees
working in major organizations believe that their companies would lose competitiveness if they do not
start using digital currency. This also gives us the idea about how the influencers of the financial world
view the importance of digital currency.
In the fast expanding digital world, conventional currency has far too many complications to adapt and
change in the digital future. VikramSetia, one of the renowned digital currency experts, believes that “By
2020, products may be previewed in AR (augmented reality), paid for in Bitcoin, created to order
through 3D printing, and delivered by drone to a customer’s door. All while being monitored and
managed through the real-time feedback of social media.”This shows the importance of bitcoin as digital
currency in the future.
Having established that bitcoin is here to stay, and would have a considerable influence in the future
financial world, there are 3 aspects about bitcoin that would make it the most popular currency by 2020.
Decentralized Control
Bitcoin is gaining popularity every day because it is known to be the most decentralized form of
currency. The value of bitcoin could not be inflated or deflated by a central bank of a country. This has
also allowed numerous bitcoin users to purchase and make payments around the world. Compared to
other payment systems where enormous fee is collected for transfers and exchange in different
currency, bitcoin is much cheaper.
Investment Demand
Any currency’s value is usually linked to how commonly it is used and how much demand it creates.
Here, traditional currency may seemingly have an advantage, as they are more commonly used and are
in higher demand. If we analyze the charts about the growth in bitcoin, the projections show that the
demand for bitcoin comes from trading rather than it being a currency. This has enabled bitcoin to grow
despite its disadvantages compared to conventional currency. “The interesting thing here is that we
should expect the advantages of the national currencies over Bitcoin to decline as Bitcoin grows, and
eventually to become disadvantages. Therefore, not only will Bitcoin’s expanding network further drive
its growth, but the declining networks of its competitors will as well”, says Daniel Krawiz, a bitcoin
Continued Growth
Compared to its beginnings, the value of bitcoin has grown exponentially. What attracts users the most
towards bitcoin is its rising value. For example, 1 BTC was valued at $(USD) 13 in December 2012, it
quickly grew exponentially to its peak of $1216 in November 2013. Though the value of bitcoin declined
from there, it has had a more consistent and phased growth then in. With many predictions hinting that
1BTC would reach $1000 once again by end of 2016, this is now the best period of time to invest and
trade with bitcoin. Compared to traditional investment sectors, many view bitcoin as an option for both
short-term and long-term investments.
Finally the most important aspect about bitcoin is that its potential has not fully been gauged. Only
recently the power of investing in bitcoin is becoming truly popular. With growing number of industries
and large conglomerates poised to switch to digital currency, bitcoin could very well be the most
popular form of currency by 2020.

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